Bansal Bansal & Co.

Chartered Accountants

INDEPENDENT AUDITOR'S REVIEW REPORT

To The Board of Directors
BIL ENERGY SYSTEMS LIMITED
l. We have reviewed the accompanying statement of unaudited financial results of BIL

ENERGY SYSTEMS LIMITED ("the Company) for the quarter ended June 30, 2015
(the "statement"), except for the disclosures regarding 'Public Shareholding' and
'Promoter and Promoter Group Shareholding' which have been traced from
disclosures made by the management and have not been reviewed by us. These
quarterly financial results have been prepared on the basis of the interim financial
statements, which is the responsibility of the company's management and has been
approved by the Board of Directors. In their meeting held on 14th August 2015. Our
responsibil ity is to issue a report on these financial results based on our review.
2. We conducted our review in accordance with the Standard on Review Engagement
(SRE) 2410 'Review of Interim Financial Information Performed by the Independent
Auditor of the Entity', issued by the Institute of Chartered Accountants of India.
This standard requires that we plan and perform the review to obtain moderate
assurance as to whether the financial statement is free of material misstatement. A
review is limited primarily to inquiries of Company personnel and analytical
procedures applied to financial data and thus provide less assurance than an audit.
We have not perfonned an audit and accordingly, we do not express an audit
opinion.
3. The lender Bank of Bilpower Limited has pursuant to certain corporate guarantees
given by the company demanded from the company their dues from Bilpower
Limited amounting to Rs 215.82 crores. No Provision has been made in the
accounts for the probable loss that may arise on account of above demand of Rs
215.82 crores.
4. The company has not provided for interest payable to State Bank of India
amounting to Rs 280.57 lacs for the Quarter ended 30 th June 2015. As a result the
loss for the quarter ended 30 th June 2015 is understated by Rs 280.57 lacs & current
liabilities as at 30 th June 2015 are also understated by Rs. 280.57 Lacs and also
reserves are overstated by RS.280.57 lacs. The Company has not provided for
interest payable to State Bank of India amounting to Rs 1045.12 Lacs for the year
ended 31st March 2015.The Company has also not made any provision for penal
interest claimed by the bank. The amount of penal interest <;a ot be quantified as
the details have not been received from the bank.
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Tel.: +91 2266622444 Fax: +91 2266622423 E-mail: mail@ ansalbansal.com

Bansal Bansal & Co.

Chartered Accountants
5. Based on our review conducted as above, except for the effect of the matter described
in paragraph 3 & 4 above nothing has come to our attention that causes us to believe
that the accompanying Statement, prepared in accordance with the recognition and
measurement principles laid down in Accounting Standard 25 "Interim Financial
Reporting", specified under Section 133 of the Companies Act, 2013 read with the
Rule 7 of the Companies (Accounts) Rules, 2014 and other recognized accounting
practices and policies generally accepted in India, has not disclosed the information
required to be disclosed in terms of clause 41 of the Listing Agreements with the
Stock Exchanges, including the manner in which it is to be disclosed, or that it
contains any material misstatement.

For Bansal Bansal & Co.

Chartered Accountants
Firm Reg. No. 100986W

1'0

Manoj Agrawal
Partner
M. No. 107624
Date: 14th August, 2015
Place: Murnbai

120, Building No.6, Mittallndustrial Estate, Andheri Kurla Road, Andheri (East), Mumbai - 400059 .
Tel.: +91 2266622444 Fax: +91 2266622423 E-mail: mail@bansalbansal.com